a public infrastructure district that is authorized to issue bonds either directly, or through the authority of a bonding political subdivision or other governmental entity. See Utah Code 63C-25-101
Bonding political subdivision: means :
(a)
the Utah Inland Port Authority, created in Section 11-58-201;
(b)
the Military Installation Development Authority, created in Section 63H-1-201;
(c)
the Point of the Mountain State Land Authority, created in Section 11-59-201;
(d)
the Utah Lake Authority, created in Section 11-65-201 ; or
between a bonding government entity and a concessionaire for the operation, finance, maintenance, or construction of a government facility;
(b)
that authorizes the concessionaire to operate the government facility for a term of five years or longer, including any extension of the contract; and
(c)
in which all or some of the annual source of payment to the concessionaire comes from state funds provided to the bonding government entity. See Utah Code 63C-25-101
Contract: A legal written agreement that becomes binding when signed.
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Parameters resolution: means a resolution of a bonding government entity that sets forth for proposed bonds:
the Water Resources Conservation and Development Fund, created in Section 73-10-24;
(b)
the Water Resources Construction Fund, created in Section 73-10-8;
(c)
the Water Resources Cities Water Loan Fund, created in Section 73-10-22;
(d)
the Clean Fuel Conversion Funds, created in 4;
(e)
the Water Development Security Fund and its subaccounts, created in Section 73-10c-5;
(f)
the Agriculture Resource Development Fund, created in Section 4-18-106;
(g)
the Utah Rural Rehabilitation Fund, created in Section 4-19-105;
(h)
the Permanent Community Impact Fund, created in Section 35A-8-303;
(i)
the Petroleum Storage Tank Fund, created in Section 19-6-409;
(j)
the School Building Revolving Account, created in Section 53F-9-206;
(k)
the State Infrastructure Bank Fund, created in Section 72-2-202;
(l)
the Uintah Basin Revitalization Fund, created in Section 35A-8-1602;
(m)
the Navajo Revitalization Fund, created in Section 35A-8-1704;
(n)
the Energy Efficiency Fund, created in Section 11-45-201;
(o)
the Brownfields Fund, created in Section 19-8-120;
(p)
the following enterprise revolving loan funds created in Section 63A-3-402:
(i)
the inland port infrastructure revolving loan fund;
(ii)
the point of the mountain infrastructure revolving loan fund; or
(iii)
the military development infrastructure revolving loan fund; and
(q)
any other revolving loan fund created in statute where the borrower from the revolving loan fund is a public non-profit entity or political subdivision, including a fund listed in Section 63A-3-205, from which a loan entity is authorized to make a loan. See Utah Code 63C-25-101
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2)
(a)
A loan entity other than a loan entity described in Subsection (2)(b) shall no later than January 1 of each year submit information on each revolving loan fund from which the loan entity made a loan in the previous fiscal year, including information identifying new and ongoing loan recipients, the terms of each loan, loan repayment, and any other information regarding a revolving loan fund requested by the commission.
(b)
If a loan entity is:
(i)
the Utah Inland Port Authority, the loan entity shall submit the information in accordance with Section 11-58-106 and any other information regarding a revolving loan fund requested by the commission;
(ii)
the Point of the Mountain StateLand Authority, the loan entity shall submit the information in accordance with Section 11-59-104 and any other information regarding a revolving loan fund requested by the commission; or
(iii)
the Military Installation Development Authority, the loan entity shall submit the information in accordance with Section 63H-1-104 and any other information regarding a revolving loan fund requested by the commission.
(c)
The commission may annually review and provide feedback for the following:
each loan entity’s revolving loan fund policies and practices, including policies and practices for approving and setting the terms of a loan; and
(iii)
each borrower of funds from a revolving loan fund for accurate and timely reporting by the borrower to the appropriate debt repository.
(3)
(a)
The commission shall review and may approve a bond before a large public transit district may issue a bond.
(b)
The commission may not approve issuance of a bond described in Subsection (3)(a) unless the execution and terms of the bond comply with state law.
(c)
If, after review, the commission approves a bond described in Subsection (3)(a), the large public transit district:
(i)
may not change before issuing the bond the terms of the bond that were reviewed by the commission if the change is outside the approved parameters and intended purposes; and
(ii)
is under no obligation to issue the bond.
(d)
A member of the commission who approves a bond under Subsection (3)(a) or reviews a parameters resolution under Subsection (4)(a) is not liable personally on the bond.
(e)
The approval of a bond under Subsection (3)(a) or review under Subsection (4)(a) of a parameters resolution by the commission:
(i)
is not an obligation of the state; and
(ii)
is not an act that:
(A)
lends the state’s credit; or
(B)
constitutes indebtedness within the meaning of any constitutional or statutory debt limitation.
(4)
(a)
The commission shall review and, at the commission’s discretion, may make recommendations regarding a parameters resolution before:
(i)
a bonding political subdivision may issue a bond; or
(ii)
a public infrastructure district may issue a bond, if the creating entity of the public infrastructure district is a bonding political subdivision.
(b)
The commission shall conduct the review under Subsection (4)(a) and forward any recommendations to the bonding political subdivision or public infrastructure district no later than 45 days after the day on which the commission receives the bonding political subdivision’s or public infrastructure district’s parameters resolution.
(c)
Notwithstanding Subsection (4)(a), if the commission fails to review a parameters resolution or forward recommendations, if any, in the timeframe described in Subsection (4)(b), the bonding political subdivision or public infrastructure district, respectively, may proceed with the bond without review by the commission.
(d)
After review by the commission under Subsection (4)(a), the bonding political subdivision or public infrastructure district:
(i)
shall consider recommendations by the commission; and
(ii)
may proceed with the bond but is under no obligation to issue the bond.
(5)
The commission shall provide training and other information on debt management, lending and borrowing best practices, and compliance with state law to the authority, a bonding political subdivision, a large public transit district, and a loan entity.
(6)
(a)
Before a bonding government entity may enter into a concessionairecontract, the commission shall review and approve the concessionaire contract.
(b)
If, after review, the commission approves the concessionaire contract, the bonding government entity:
(i)
may not change the terms of the concessionaire contract if the change is outside of:
(A)
any applicable approved parameters of the concessionaire contract; or
(B)
the intended purposes of the concessionaire contract; and
(ii)
is under no obligation to enter into the concessionaire contract.
